S&P 500 rises to record to kick off May trading as oil falls, Apple shares jump: Live updates

TD Cowen has turned bullish on Hershey, upgrading the stock to buy from hold on Friday.

Analyst Robert Moskow said he has increased confidence that the chocolatier will raise 2026 guidance and return to volume growth next year.

“We view retail sales growth acceleration in May-June from distribution gains, aggressive merchandising, and innovation as a near-term catalyst for the stock,” he said in a note to clients. “Cocoa deflation, pricing power, and investments in stronger capabilities provide unique earnings visibility.”

Moskow’s $210 price target implies 13% upside from Thursday’s close.

— Michelle Fox

Over-the-counter shares of Spirit Airlines’ parent company fell below the $1 mark on Friday after a report that the budget air carrier was getting ready to shut down.

Spirit Aviation Holdings fell more than 62% to 52 cents a share. Penny stocks like Spirit can regularly see large percent changes due to their small share prices.

Friday’s slide came after The Wall Street Journal reported that Spirit was making progress on plans to liquidate its fleet of aircrafts and end operations, citing people familiar with the matter.

Spirit had been in negotiations for a $500 million government rescue package. But Spirit was not able to get enough support from certain bondholders for the potential deal, according to the report. Shares of the stock had jumped above $2 as talks with the government were previously reported.

President Donald Trump said Friday that the government offered a “final” bailout proposal for Spirit.

Shares of air carrier JetBlue surged nearly 5% in midday trading. United and Delta saw shares rise around 2% each.

— Alex Harring

The S&P 500 slipped but near session-highs still rallied more than 0.70% on the day after President Donald Trump announced in a Truth Social post that he will raise tariffs on European cars and trucks.

“Based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States. The Tariff will be increased to 25%,” he wrote. “It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF.”

Shares of Stellantis, the Dutch automaker, fell more than 2% after the social media post. Italian carmaker Ferrari also fell nearly 1.5%.

— Davis Giangiulio

Arrowhead Pharmaceuticals is poised to gain ground as its RNAi portfolio targeting a wide range of diseases lays the groundwork for the company to tap a larger market, according to JPMorgan.

The investment bank initiated coverage of the biotechnology name with an overweight rating. It also put an $88 price target on shares, implying 20% upside from Thursday’s close.

“RWR holds a highly diversified RNAi portfolio targeting a spectrum of diseases and is strategically backed by multiple partnerships with reputable biotech/pharma players,” analyst Brian Cheng said Friday in a note to clients.

Arrowhead’s therapy for adults with Familial Chylomicronemia Syndrome (FCS) called Redemplo is its core driver, setting the stage for the company to enter a much larger market, according to JPMorgan.

“We see FCS as a key stepping stone for the franchise and for ARWR to flex its commercial capabilities as it lays the critical groundwork before expanding into the much larger sHTG market pending SHASTA3/4 topline in the coming months (in 3Q),” Cheng wrote.

— Liz Napolitano

Federal Reserve officials who voted this week against the post-meeting statement said they didn’t think it was appropriate to signal that the next interest rate move would be lower.

Regional presidents Neel Kashkari of Minneapolis and Beth Hammack of Cleveland released statements explaining their votes, offering similar rationale regarding the verbiage in the statement — but not over the decision to keep a hold on rates form their current position.

Kashkari said the statement contained “a form of forward guidance about the likely direction for monetary policy. Given recent economic and geopolitical developments and the higher level of uncertainty about the outlook, I do not believe such forward guidance is appropriate at this time.” Read more.

— Jeff Cox

U.S. factory activity expanded in April even as price levels reached a four-year high, the Institute for Supply Management reported Friday.

The ISM manufacturing index turned in a reading of 52.7, unchanged from March and just slightly below the Dow Jones consensus estimate for 53.0. Anything above 50 represents growth for the survey, which measures the percentage share of companies reporting expansion.

While the headline reading was stable, the prices index surged another 6.3 points to 84.6, the highest level since April 2022 as companies reported higher charges from tariffs and surging energy costs associated with the Iran war. At the same time, employment dipped further into contraction at 46.4, down 2.3 points.

— Jeff Cox

The three major averages opened with gains on Friday, the first trading day of May.

The S&P 500 rose 0.4% shortly after the opening bell, while the Dow Jones Industrial Average climbed 184 points, or 0.4%. The Nasdaq Composite moved up 0.3%.

— Sean Conlon

Oil prices fell Friday on a report that Iran and the U.S. continue to communicate about a draft peace agreement through mediators in Pakistan.

U.S. crude oil futures fell nearly 2% to $103.27 per barrel by 9:03 a.m. ET. International benchmark Brent edged 0.2% lower to $110.23. Read more.

— Lim Hui Jie and Spencer Kimball

For decades, Berkshire Hathaway‘s annual meeting has doubled as a kind of financial Woodstock, drawing tens of thousands to hear Warren Buffett dispense homespun wisdom, crack jokes and field hours of questions.

This year will be different.

For the first time, the 95-year-old Buffett won’t be the central figure on stage, marking a new era for one of the investing world’s most closely watched rituals. The shift puts a spotlight on Greg Abel, who took over as CEO at the start of 2026, and raises a question hanging over Omaha: what does Berkshire look like without the man who defined it?

Investors and analysts said the tone is likely to move away from Buffett’s signature mix of investing philosophy and life advice toward a more business-focused discussion of operations, capital allocation and a more granular view into the conglomerate’s inner workings. Read more.

— Yun Li

Check out the companies making the biggest moves premarket:

• Apple — Shares were up 3.5%. For the fiscal second quarter, Apple’s earnings came in at $2.01 per share, while revenue landed at $111.18 billion. This beat the earnings of $1.95 a share and $109.66 billion in revenue analysts were looking for, per LSEG. Still, the company’s iPhone sales missed estimates for the second time in three quarters.
• Roku — The streaming stock popped 7% after Roku posted first-quarter revenue of $1.25 billion, beating the expected $1.20 billion, per FactSet. The company’s $148.4 million adjusted EBITDA was also ahead of estimates calling for $131.3 million. The company also sees adjusted EBITDA, revenue and gross profit for its current quarter coming above analysts’ expectations.
• Estee Lauder — Shares rose more than 11% after the cosmetics company reported better-than-expected third quarter sales in its earnings report. The company reported earnings of $0.91 per share and $3.71 billion in revenue, compared to estimates for $0.65 in earnings per share and $3.69 billion in revenue, according to analysts polled by FactSet. Estee Lauder also announced plans to cut more jobs as part of its turnaround plan.

Read here for the full list.

— Davis Giangiulio and Lisa Kailai Han

Exxon Mobil and Chevron managed to beat Wall Street’s first-quarter expectations even as the U.S. war with Iran delayed shipments and resulted in accounting charges that weighed on their results.

Accounting for the full impact of their financial hedges and other items, Exxon’s net income declined 45%, while Chevron’s tumbled 36%.

Exxon’s stock was recently up slightly in premarket trading, while Chevron’s shares gained 1%.

Still, after adjustments, Exxon earned $1.16 per share on revenue of $85.14 billion.

Chevron earned $1.41 per share on an adjusted basis, beating LSEG estimates of 95 cents. Chevron’s revenue of $48.61 billion missed analyst estimates of $52.1 billion.

— Spencer Kimball and Christina Cheddar Berk

Markets in Australia and Japan closed higher on May Day, with the S&P/ASX 200 snapping an eight-session losing streak.

Australia’s market was up 0.74% and closed at 8,729.8, while Japan’s Nikkei 225 climbed 0.38% to 59,513.12.

The Topix reversed earlier losses to gain 0.04%, ending at 3,728.73.

The Japanese yen strengthened marginally against the dollar on Friday, after reports that Tokyo had intervened to prop up the yen on Thursday, prompting a sharp rally.

The currency was last trading at 156.54 against the greenback, after breaching the 160 level earlier in the week and hitting a two-year high of 160.72.

— Lim Hui Jie

The FTSE 100 traded almost 0.4% lower on Friday morning after closing the previous session 1.6% higher.

The U.K. market, which is the only European bourse open for trade Friday due to the May Day holiday on the continent, finished the month of April 2% higher.

Drinks manufacturer Diageo gained 1.6% in morning trade after U.S. President Donald Trump agreed to lift all tariffs on imports of Scotch whisky, following King Charles III’s state visit this week. Diageo’s whisky brands include Johnnie Walker and Talisker.

Meanwhile, shares in NatWest were 3.7% lower after the U.K. bank reported its first quarter earnings. Pre-tax profits topped £2 billion ($2.7 billion), up 12.2% on the £1.8 billion generated in the same period last year, and ahead of the £1.9 billion expected by analysts.

— Hugh Leask

Both the pan-European Stoxx 600 and Germany’s DAX notched their biggest monthly gains since January 2025 during April. But it was the Italian stock market that outperformed the rest of the continent, with Milan’s FTSE MIB surging almost 9% for its best month since January 2023.

Across the Atlantic, meanwhile, April saw the S&P 500 and Nasdaq both deliver their best monthly returns since 2020.

Stock markets in Europe are closed for the May Day holiday on Friday. London is the exception, with the U.K.’s FTSE 100 expected to open slightly below the flatline later, according to IG data.

The European Central Bank and the Bank of England on Thursday both held interest rates as expected — but the specter of impending hikes loomed over policymakers’ statements. Traders are now pricing a 75% chance that the ECB hikes in June, and a more than 50% chance that the Bank of England does the same, according to LSEG data.

Bank of England Governor Andrew Bailey told CNBC’s Ritika Gupta that policymakers must now contend with the “most difficult combination” of economic effects.

— Katie Foley

Australian and Japanese markets were mostly higher on Friday, even as most Asian markets were closed for the May Day holiday.

Japan’s Nikkei 225 was marginally up to start the day, but the Topix was 0.62% down.

Australia’s S&P/ASX 200 was up 0.98%, on pace to snap an eight-session losing streak.

Oil prices climbed Friday, a day after a volatile session that saw the Brent crude contract for June hit a four-year high before retreating. The June contract, which expired on Thursday, climbed to $126.41 a barrel before settling at $114.01.

On Friday, the July Brent futures contract rose 1.11% to $111.63 as of 10:15 p.m. ET, while U.S. West Texas Intermediate futures for June gained 0.45% to $105.54.

— Lim Hui Jie

These are the stocks moving the most in extended-hours trading:

• Apple — Shares rose nearly 3%. For the fiscal second quarter, Apple’s earnings came in at $2.01 per share, while revenue landed at $111.18 billion.

• Roblox — Shares of the online gaming platform tanked 21%. Roblox slashed its guidance for full-year bookings, calling for a range of $7.33 billion to $7.60 billion.

• Reddit — The social media platform operator jumped about 12%. Daily active users in the first quarter narrowly beat estimates, coming in at 126.8 million versus the StreetAccount consensus forecast for 125.9 million.

Read the full list of stocks moving here.

— Lisa Kailai Han

Information technology stocks fell 0.63% on Thursday, making the sector the only one of the 11 GICS sectors to end Thursday’s trading session lower.

But the sector rose 17.44% in April, making it the second-highest performing sector on the month. Communication services stocks took the lead, gaining 18.43% in April.

Energy stocks were the laggard for the month, shedding 3.51% in April. Health care was the only other sector to end the month lower than where it began, notching a 0.58% loss.

— Lisa Kailai Han

Stock futures opened little changed on Thursday evening.

Shortly after 6 p.m. ET, futures tied to all three major averages were trading just around the flatline.

— Lisa Kailai Han